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U.S. stocks turned lower Tuesday, extending a rout spurred by fears of sustained monetary tightening by the Federal Reserve to combat inflation.
The S&P 500 tumbled 0.7% after climbing at the start of trading, deepening its losses after the benchmark index plunged roughly 4% across back-to-back losing days. The Dow Jones Industrial Average shed 175 points, or about 0.6%, and the technology-heavy Nasdaq Composite fell 0.7%.
In commodity markets, oil prices retreated amid renewed worries that a global recession would dent demand. West Texas Intermediate crude oil tumbled 2.7% to $94.39 per barrel, while Brent futures plunged 3.4% to $101.48 per barrel.
Elsewhere in markets, shares of Bed Bath & Beyond Inc. (BBBY) rallied 10% at the start of trading Tuesday after a 25% jump in the previous session as investors await a strategic update from the company later this week. The meme stock has soared this month and is on pace for a record monthly gain in August after surging more than 170%.
Shares of Chinese search engine Baidu (BIDU) fell more than 2% after reporting quarterly revenue on Tuesday that beat estimates, buoyed by growth in its cloud business. The company, however, unveiled its first annual contraction in quarterly revenue in two years.
In economic data, the Standard & Poor’s CoreLogic Case–Shiller Home Price Index showed an 18.0% annual increase in June, down from 19.9% in the previous month. The 20-City Composite saw an 18.6% year-over-year gain, compared to 20.5% the prior month.
Investors also have the Conference Board’s Consumer Confidence reading and JOLTS job openings on tap. But the Labor Department’s monthly employment update will be the major event of the week.
“Stocks had a reasonable shot at a second-straight up week last Thursday, but the bearish reaction to Powell’s Jackson Hole speech pushed the market decisively into the red,” Chris Larkin, managing director of trading at Morgan Stanley’s E*TRADE said in a note. “While it’s a busy week of economic data, the job report on Friday will be the most watched as investors and the Fed get another read on the labor market.”
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